VLCC Sold for $26.5m

Friday, September 21, 2007
Chemoil sold its 225,000 dwt tanker, MT Anand Sea for $26.5m to Glory Town Investments Limited. Chemoil’s CFO, Jerome Lorenzo, said “In view of the earlier than scheduled commencement of our land based storage terminal, the fuel oil market being backwardated until the end of this year and the anticipated decline in the second hand tonnage market, we have considered it to be commercially prudent to dispose the floating storage facility given the attractive purchase offer.” The company currently leases 46,099 metric tons of land based storage capacity at Vopak in Singapore for fuel oil and blended products. The VLCC was originally acquired as a short-term measure to provide additional capacity until its terminal was completed. However, during Chemoil’s second quarter, the vessel experienced operational disruptions whilst stationed in Malaysian waters. The transaction through Chemoil’s wholly owned subsidiary, Anand Sea Shipping Limited, will result in a net gain for the Group’s current financial year with a corresponding increase in the net tangible assets. In the interests of upholding sound corporate governance, none of the directors or the controlling shareholder of Chemoil are related to Glory Town or have any personal interest in the disposal of MT Anand Sea. Jerome Lorenzo concluded: “The transaction has been a timely and profitable opportunity. We look forward to strengthening our performance in Singapore during the next quarter and increasing Chemoil’s long-term market growth within the region.”
Maritime Reporter November 2014 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

Tanker Trends

INTERTANKO Launches ECA Bunker Surcharge Clauses

INTERTANKO’s documentary committee has launched bunker surcharge clauses for Emission Control Areas (ECA).   Rising bunker prices due to rising oil prices and

DSME Returns for More Dual-Fuel Engines

MAN Diesel & Turbo received an order for four MAN B&W 5G70ME-GI engines in connection with Daewoo Shipbuilding & Marine Engineering Co.,Ltd. (DSME) agreeing a deal

USCG Addresses Future of Marine Fuels

The future of marine fuels from the Liquefied Gas Carrier National Center of Expertise   The Pacific Merchant Shipping Association hosted The Future of Marine

News

Damen Responds to Evolving Fishing Practices

Maaskant Shipyards Stellendam meets fishing sector’s growing needs by performing electric pulse fishing conversions   As European fishing policies evolve, so fishing techniques advance.

Maaskant Shipyards Earns ISO 9001:2008 Certificate

Maaskant Shipyards (Stellendam), part of Damen Shipyards Group, has received certification from Bureau Veritas for aligning its quality and management systems with

Duffy Named President of Carnival Cruise Line

Christine Duffy has been named president of Carnival Cruise Line, Carnival Corporation & plc. announced today.   Duffy, currently president and CEO of Cruise Lines International Association (CLIA),

 
 
Maritime Careers / Shipboard Positions Maritime Contracts Maritime Security Navigation Pod Propulsion Port Authority Salvage Ship Electronics Ship Repair Winch
rss | archive | history | articles | privacy | terms and conditions | contributors | top maritime news | about us | copyright | maritime magazines
maritime security news | shipbuilding news | maritime industry | shipping news | maritime reporting | workboats news | ship design | maritime business

Time taken: 0.1187 sec (8 req/sec)